Los Angeles CA, April 18 (Tangible Investments) – by James O’Dell – Gold consolidates after thermonuclear war threat by North Korea. Gold and Silver prices were mixed in early trading on Tuesday. Gold is up 0.11 percent to $1,285.40 an ounce after easing $3.80 or 0.30 percent on Monday to close at $1,284.00.

The price of Silver is down 1.17 percent to $18.17 an ounce after retreating $0.14 or 0.76 percent on Monday to close at $18.38 an ounce. The Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, rose to 69.86. Platinum is down 0.20 percent to $980.00 an ounce. Palladium is down 1.52 percent to $775.00.

Gold returned to consolidation mode on Tuesday as the dollar fell against the yen amid threats of thermonuclear war.

Gold And Yen Strengthen

“Short-term risk is skewed to the downside but underlying support is there with the focus on political uncertainties. We see the yen continuing to strengthen, and a strong yen and strong Gold have gone hand in hand since November,” said Saxo Bank’s Ole Hansen.

“Also expectations about the dollar are up for revision, the strong dollar story is fading. (U.S. President Donald) Trump is talking it down and we’re seeing weakness creep into U.S. data, changing the perception of how much rates have to rise.”

The dollar continues to weaken as North Korea’s failed missile test leaves investors to wonder what will be the U.S. and its allies’ response, said Naeem Aslam, chief market analyst at ThinkMarkets.

“The demand for other safe haven assets also picked up in the light of this, spot Gold is moving further closer to our target of $1,300.” said Aslam. “When it comes to the Gold price, we do think that the momentum could easily continue and bias remain skewed for more upside move.”

Gold Should Reach $1360 Quickly

Meanwhile, Egon von Greyerz of Matterhorn Asset Management, says that in the shorter term, Gold should reach $1,360 relatively quickly as he has recently indicated.

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